Neurogene (NASDAQ:NGNE) Shares Down 5.3% – Here’s Why

Neurogene Inc. (NASDAQ:NGNE) shares were down 5.3% during trading on Monday . The company traded as low as $33.37 and last traded at $33.4650. 86,774 shares traded hands during trading, a decline of 50% from the average session volume of 173,875 shares. The stock had previously closed at $35.34.

Analysts Set New Price Targets

A number of analysts have recently weighed in on NGNE shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Neurogene in a research note on Tuesday, April 21st. Canaccord Genuity Group decreased their price target on Neurogene to $180.00 and set a “buy” rating for the company in a research note on Monday, April 6th. UBS Group set a $70.00 price target on Neurogene in a research report on Wednesday, June 3rd. Rodman & Renshaw initiated coverage on Neurogene in a research note on Wednesday, June 3rd. They set a “buy” rating and a $70.00 target price for the company. Finally, Guggenheim started coverage on shares of Neurogene in a research report on Tuesday, April 28th. They issued a “buy” rating and a $69.00 price target on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $84.83.

Neurogene Trading Down 5.8%

The firm has a market capitalization of $526.25 million, a price-to-earnings ratio of -7.34 and a beta of 1.68. The stock has a fifty day moving average of $29.39 and a 200-day moving average of $23.35.

Neurogene (NASDAQ:NGNE) last released its quarterly earnings results on Tuesday, May 12th. The company reported ($1.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.30) by ($0.09). As a group, equities research analysts forecast that Neurogene Inc. will post -5.63 earnings per share for the current fiscal year.

Insider Activity at Neurogene

In related news, CFO Christine Mikail Cvijic sold 4,061 shares of the firm’s stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $34.82, for a total value of $141,404.02. Following the completion of the transaction, the chief financial officer owned 88,840 shares of the company’s stock, valued at approximately $3,093,408.80. This trade represents a 4.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 14,400 shares of company stock valued at $466,574. 11.68% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Neurogene

Hedge funds have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Neurogene by 17.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,983 shares of the company’s stock worth $82,000 after buying an additional 1,059 shares during the last quarter. Bank of America Corp DE grew its position in Neurogene by 81.6% in the second quarter. Bank of America Corp DE now owns 95,401 shares of the company’s stock worth $1,426,000 after acquiring an additional 42,880 shares in the last quarter. Blair William & Co. IL grew its position in Neurogene by 6.4% in the third quarter. Blair William & Co. IL now owns 141,820 shares of the company’s stock worth $2,458,000 after acquiring an additional 8,584 shares in the last quarter. BNP Paribas Financial Markets increased its stake in shares of Neurogene by 89.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,067 shares of the company’s stock worth $36,000 after purchasing an additional 978 shares during the last quarter. Finally, Bridgeway Capital Management LLC acquired a new position in shares of Neurogene during the 3rd quarter worth $187,000. 52.37% of the stock is owned by institutional investors and hedge funds.

About Neurogene

Neurogene, Inc is a clinical?stage biotechnology company specializing in the development of gene therapies for rare neurological diseases. The company’s lead platform employs adeno?associated virus (AAV) vectors designed to deliver functional copies of disease-causing genes directly to the central nervous system. Neurogene’s pipeline focuses on inherited lysosomal storage disorders, including investigational programs for GM1 and GM2 gangliosidoses, with additional preclinical efforts targeting other monogenic neurodegenerative conditions.

Neurogene’s proprietary AAV9?based delivery system has been engineered to cross the blood-brain barrier, aiming to provide durable gene expression in affected tissues.